Garanti Leasing, a subsidiary of the Garanti Group Romania specializing in financing real estate, vehicles and agricultural equipment, recently announced it will borrow EUR 5 million (USD 5.6 million) from the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, in order to increase funding for women-owned small and medium-sized enterprises (SMEs). This is the third loan advanced by IFC to Garanti Group Romania since 2011.
Garanti Group Romania is a unit of Turkey-based Garanti Bank, which has been operating since 1990 and provides both small and large enterprises with financing for investments including inventory; real estate; vehicles; and equipment for agriculture, textile production, printing and construction. Garanti Bank reports assets of USD 89 billion and annual net income of USD 1.5 billion as of December 2016.
IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2016, IFC has 184 member countries and total assets of USD 90.4 billion.
By Jacob O’Driscoll, Research Associate
Sources and Additional Information
IFC and Garanti Leasing support women entrepreneurs in Romania
Garanti Bank – 2016 Selected Financials
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